TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Friday, December 1st.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin, reporting from the New York Stock Exchange. Stocks are looking to build on November gains as investors hold out hope that the Federal Reserve could be nearing the end of its rate hiking cycle. Fed Chair Jerome Powell said while it’s too premature to consider rate cuts, current policy is "quote" sufficiently restrictive. Still, markets are pricing in an over 50 percent chance that the Fed will cut rates as soon as March.
And some sad news breaking this afternoon. The first woman Supreme Court Justice Sandra Day O’Connor has died. She was best known for providing a key vote on Roe v Wade in 1992. She was 93 years old.
In other news, Montana’s TikTok ban has been struck down. The ban, which was set to begin at the start of the new year, was temporarily halted by a federal judge.
The judge claimed that, aside from violating the First Amendment, the ban "leaves little doubt that Montana’s legislature and attorney general were more interested in targeting China’s ostensible role in TikTok than with protecting Montana consumers.”
Montana Governor Greg Gianforte initially signed the law back in May, claiming it was necessary to protect the personal data of Montanans from China. Had it gone into effect, the law would prohibit anyone from using TikTok within state lines, and violators could have faced fines of $10,000 per day.
And while Montana and the rest of the U.S. can still use TikTok for the time being, several countries including Nepal, India, and Taiwan have banned its citizens from using the social media platform.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
